Reuters: Regulatory News: US high court limits SEC authority to seek penalties

Reuters: Regulatory News Reuters.com is your source for breaking news, business, financial and investing news, including personal finance and stocks. Reuters is the leading global provider of news, financial information and technology solutions to the world's media, financial institutions, businesses and individuals. // via fulltextrssfeed.com

US high court limits SEC authority to seek penalties Feb 27th 2013, 15:14 WASHINGTON | Wed Feb 27, 2013 10:14am EST WASHINGTON Feb 27 (Reuters) - The U.S. Supreme Court on Wednesday limited the authority of the federal government's top securities regulator to seek civil penalties over conduct that occurred more than five years before investigators took action. The court held on a unanimous vote that the five-year clock for the government to act on fraud begins to tick when the fraud occurs, not when it is discovered. The case is a win for mutual fund manager Marc Gabelli and colleague Bruce Alpert, whom the U.S. Securities and Exchange Commission claimed allowed a firm now known as Headstart Advisers Ltd to conduct hundreds of "market-timing" trades, which involve rapid trading to exploit market or price inefficiencies.

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